Required information. [The following information applies to the questions displayed below.] Hemming Company reparted the following current-year purchases and sales for its only product. Date January 1 January 101 Activities Beginning inventory Sales March 14 March 15 Purchase Sales July 30) Purchase October 5 Sales October 26 Purchase Totals 295 units Units Acquired at Cost $13.80- Units Sold at Retail $4,071 240 units $43.80 480 units $18.80- 9,024 420 units $43.80 495 units $23.80 11,781 465 units $43.80 195 units 1465 units $28.80- 5,616 $ 30,492 1,125 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold Inventory Balance